How Long are Term Life Insurance Policies?

Term life insurance by definition is "temporary" insurance
for a certain number of years.

The term of the policy is the duration, how long your
coverage will last.

You select a term when comparing price quotes so you can
find out how much your term insurance will cost for the specific duration of
your policy.

Term Options for Life
Insurance

Terms Duration Options:
10, 15, 20, 25 or 30 years.

Most term life plans offer coverage for a period from ten up
to thirty years.

However, you may be able to select a duration of coverage
for 10, 15, 20, 25 or 30 years.

Term to Age 70

In addition, some term policies provide term to 70 coverage
which means you have life insurance that will last until you reach age seventy;
however, the premiums remain level for the first 20 years you are insured,
usually. Then, the premiums increase each year after the initial twenty-year
period.

Renewable Term Life
Insurance

Also, renewable term life insurance policies allow you the
option of renewing coverage for an additional term (usually up to 10 years),
when your initial policy term expires. So, if you decide after purchasing your
first term insurance plan that your need for coverage is longer than the
original term duration, you may choose to renew your first term life policy
when it ends.

Convertible Term Life
Insurance

And, if you decide you need lifetime life insurance
protection after purchasing your term insurance, you may be able to convert
your term policy into a permanent life insurance policy if you have convertible
coverage. However, you may need to notify your insurance company of your
conversion request by a specific date stated within your term life insurance
policy contract.

How Long Should Term
Life Insurance Be?

Term insurance can last as long you need protection, usually
up to a period of thirty years. You’ll want to select a term period that is in
line with your actual need for protection.

Then consider the length of time you need life insurance to
accomplish each of your goals.

What is the longest period of time insurance is needed?

Once
you know this answer you can select coverage for that "term" (length of time).

Or, you could have separate term life insurance policies
with the specific amount of coverage needed and duration of coverage for each
of your family’s needs. That way, you get the overall lowest cost of coverage
that is designed for your specific needs.

Example of Staggered
Term Insurance Policies

Purchasing several different term life policies can allow
you to design an insurance plan to fit your needs and save you money.

For instance, you could have a 15 year $250,000 term life
policy to protect your 15-year mortgage loan.

And, a 20 year $100,000 term life policy to provide for your
3-year-old child’s college education.

Term insurance easy-to-understand, flexible, and offers the
lowest cost life insurance available.

Whether you are on a fixed budget, have a growing family, or
increasing financial responsibilities, term insurance can help you provide
financial security for the future of your loved ones.

Term Life Insurance
Quotes

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